Massachusetts Financial Services Co. MA Sells 19,376 Shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK)

Massachusetts Financial Services Co. MA lessened its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,972,001 shares of the financial services provider's stock after selling 19,376 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.89% of First Interstate BancSystem worth $64,031,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Franklin Resources Inc. raised its position in shares of First Interstate BancSystem by 2.7% during the 4th quarter. Franklin Resources Inc. now owns 5,474,757 shares of the financial services provider's stock valued at $177,765,000 after acquiring an additional 145,842 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of First Interstate BancSystem in the 4th quarter worth approximately $69,000. Wellington Management Group LLP boosted its position in First Interstate BancSystem by 88.3% during the 4th quarter. Wellington Management Group LLP now owns 2,425,615 shares of the financial services provider's stock valued at $78,760,000 after purchasing an additional 1,137,401 shares during the period. Norges Bank bought a new position in First Interstate BancSystem during the 4th quarter worth $24,137,000. Finally, JPMorgan Chase & Co. increased its position in First Interstate BancSystem by 3.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,936,868 shares of the financial services provider's stock worth $95,360,000 after buying an additional 107,774 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Interstate BancSystem

In related news, Director John M. Heyneman, Jr. sold 1,335 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.56, for a total value of $43,467.60. Following the completion of the transaction, the director now owns 1,414,886 shares of the company's stock, valued at approximately $46,068,688.16. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.90% of the stock is currently owned by insiders.

First Interstate BancSystem Price Performance

FIBK stock traded down $1.76 on Thursday, hitting $24.25. 215,980 shares of the company's stock traded hands, compared to its average volume of 628,341. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 11.09 and a beta of 0.81. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $36.77. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average of $29.55 and a 200-day moving average of $31.40.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current fiscal year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Monday, February 10th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 7.75%. The ex-dividend date of this dividend was Monday, February 10th. First Interstate BancSystem's payout ratio is 85.84%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FIBK. DA Davidson reaffirmed a "buy" rating and issued a $42.00 price objective on shares of First Interstate BancSystem in a report on Thursday, January 30th. Piper Sandler cut their price target on First Interstate BancSystem from $42.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Barclays decreased their price objective on First Interstate BancSystem from $31.00 to $28.00 and set an "underweight" rating for the company in a report on Tuesday. UBS Group started coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They set a "neutral" rating and a $35.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on shares of First Interstate BancSystem from $30.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $35.00.

First Interstate BancSystem Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.